Venture Capital: Silo Technologies, An ERP System For Produce, Lands $132M

July 13, 2023 | FinTech, News, Venture Capital

Silo is a fintech platform that enables financial solutions and data insights to shippers in the perishable food supply chain.

Silo Technologies, a leading provider of technology solutions for the food supply chain, has announced $132 million in new capital. The $32 million Series C funding round was led by Koch Disruptive Technologies, a subsidiary of Koch Industries known for investing in disruptive technologies. Existing investors Andreessen Horowitz, Haystack Capital, Tribe Capital, Collate Capital, and Moore Capital also participated in the round.

Silo is also partnering with First Citizens Bank to launch a $100 million funding program called Cash Advance. The funding will help expand Silo’s capital program and offer additional fintech services to support supply chain businesses. (CISION PR Newswire)

Silo offers various services, including Silo Instant Pay for smooth cash flow, financing options, and freight quotes integrated into sales orders. The company aims to provide financial solutions and data insights to the perishable food supply chain. The company plans to further develop its platform and expand its reach in the perishable food space.

Silo’s innovative solutions have been well-received, with customers experiencing significant revenue growth and improved financial performance.

As a result of utilizing Silo Capital and its ability to easily access working capital through Instant Pay, three distributors based in Miami experienced an average revenue increase of 350% within a year.

This significant growth was made possible by seizing market opportunities and effectively capitalizing on them by drawing on Silo for working capital.

Related Story:  JLR To Troubleshoot Supply Chain Issues With AI From Everstream Analytics

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